All Inspire cashes in on Lat Phrao-Sutthisan MRT by launching condo project
In a move to meet a rising demand for homes in the Lat Phrao-Sutthisan neighbourhood, considering that the MRT Yellow Line Chok Chai 4 station will be completed next year, listed property firm All Inspire Development Plc has decided to launch the Bt1.2 billion-worth Excel Ladphrao-Sutthisan, with units starting at Bt1.39 million.
The low-rise condominium project, covering 3 rai (0.48 hectares), comprises two eight-storey buildings, which will be divided into 420 units. The room types range from 24.5 to 30.1 square metre one-bedroom units to 34.7sqm one-bedroom-plus units.
All rooms are fully furnished and air-conditioned, and residents can enjoy facilities such as a separate clubhouse, swimming pool, co-working space and a gym with a boxing zone that caters to the health-conscious young generation.
The lobbies of the two buildings are separate, ensuring safety with a double gate, key card and CCTVs. The project’s environmental impact assessment has already been approved.
Thanakorn Thanawarith, the company’s CEO, said All Inspire decided to jump in and invest now that the construction of the MRT Yellow Line has already started. He believes the occupation rate will be 90 to 95 per cent, with 65 being homeowners and 25 per cent tenants. He also expects the gross rental yield for this area to be highly attractive at 6 per cent per year.
With the Lat Phrao-Sutthisan neighbourhood already surrounded by numerous facilities, the area is perfect for young professionals. According to surveys, young people – especially entrepreneurs, freelancers and those working in the creative sector – require flexible timings, financial freedom and work-life balance. Hence, this demographic tends to buy homes that are not far from the main road, close to the Skytrain and metro and have complete facilities such as a gym and swimming pool.
Low-rise condominiums in this neighbourhood are going at an average price of Bt75,000 per square metre, which is affordable for the working-age group. Most people in this group fall in the “double income, no kids” (Dinks) demographic, who prefer to live as a single family in a good environment that is affordable. The average income for this demographic is between Bt25,000 and Bt50,000 per month, with the added ability to jointly apply for home loans, which allows financial institutions to grant loans easily.
Thanakorn said research shows that the property market in this location is bound to grow slightly this year.